PHCF - PHCF STOCK NEWS

Puhui Wealth Investment Management Co. (Nasdaq: PHCF) announced a determination letter from Nasdaq allowing it to continue listing under certain conditions. The Company must comply with Listing Rule 5550(a)(2) by December 30, 2022, and file a Form 20-F by February 15, 2023. The letter followed challenges faced during a hearing related to compliance issues stemming from the departure of the prior CFO and ongoing COVID-19 impacts. If the Company fails to meet these conditions, it risks immediate delisting.

Puhui Wealth Investment Management Co., Ltd. (NASDAQ: PHCF) announced on October 11, 2022, that it received a determination letter from Nasdaq regarding non-compliance with minimum bid price requirements. The company did not qualify for a second 180-day compliance period, risking delisting set for October 20, 2022, unless an appeal is filed. Puhui plans to appeal and continue trading while aiming for share consolidation to regain compliance. There is no guarantee of successfully obtaining an extension or demonstrating compliance thereafter.

Puhui Wealth Investment Management (Nasdaq: PHCF) reported significant financial growth for the six months ending December 31, 2021. Revenues increased by 68.8% year-over-year, reaching $1,007,700. The company added 59 new high-net-worth clients, up from 42 in the prior year. However, net loss attributable to Puhui widened to approximately $3.4 million, compared to $2.4 million in the same period in 2020, mainly due to increased operational expenses and losses from subsidiaries. As of December 31, 2021, the company had $1.0 million in cash, with a working capital deficit of $0.1 million.

Puhui Wealth Investment Management Co. (NASDAQ: PHCF) announced it received a Notification Letter from Nasdaq for not meeting minimum bid price requirements, as its ordinary shares were below $1.00 for 30 consecutive business days. The Company has until October 10, 2022, to regain compliance or may be eligible for an additional 180-day period. Options include a reverse stock split. The Notification Letter does not currently affect trading on Nasdaq.

Puhui Wealth Investment Management Co., Ltd. (Nasdaq: PHCF) announced the results of its 2021 annual general meeting held on December 30, 2021, in Beijing. Shareholders re-elected four members to the Board of Directors, including Mr. Zhe Ji and Mr. Jun Wang. Additionally, Friedman LLP was approved as the independent registered accounting firm for the fiscal year ending June 30, 2022. Puhui focuses on providing wealth management services for high net worth individuals and corporations, marketing diverse financial products in China.

Puhui Wealth Investment Management (PHCF) reported financial results for the fiscal year ended June 30, 2021, showing revenues of approximately $2.0 million, down from $2.2 million in the previous year. The company experienced a net loss of $4.7 million, compared to $4.0 million the prior year. As of June 30, 2021, cash stood at $0.6 million with a working capital deficit of $0.5 million. The decline in revenue was attributed to reduced client investments due to the COVID-19 pandemic, although there are expectations of recovery and expansion in wealth management services.

Puhui Wealth Investment Management Co., Ltd. (Nasdaq: PHCF) announced the closing of a $2,750,000 registered offering of a 10% Original Issue Discount Convertible Subordinated Debenture on August 20, 2021. After expenses, the company received approximately $2.1 million to be used for working capital and general corporate purposes. The offering was facilitated by Joseph Stone Capital, LLC and was conducted under an SEC registration statement. Puhui focuses on wealth management services for high net worth individuals and corporate clients.

Puhui Wealth Investment Management Co., Ltd. (PHCF) reported a revenue increase to $596,981 for the six months ending December 31, 2020, up 3.3% from $577,645 in 2019. The firm added 42 new high-net-worth clients, down from 98 in the prior year. Total assets under management declined to $21.1 million from $23.5 million. Operating expenses decreased by 27.8% to $2.9 million, while the net loss narrowed to $2.4 million from $3.0 million. The company holds $1.0 million in cash and expects steady revenue in the coming year despite pandemic impacts.

Puhui Wealth Investment Management Co., Ltd. (Nasdaq: PHCF) announced the successful IPOs of two of its portfolio investments on the Hong Kong Exchanges, occurring in November 2019 and October 2020. The company has invested in 16 medical projects, concentrating on sectors like biotech and medical services since 2018. The chairman expressed optimism about future investments, particularly in healthcare, due to the ongoing demand for medical services post-COVID-19. Puhui aims to leverage growing public offerings for development, indicating a strategic focus on high-demand sectors.